Yandex closes a deal to buy shares in U …

Yandex closes a deal to buy shares in U … post thumbnail image

For 100% control in the unmanned delivery platform and services, the company paid $1 billion.

Internet company Yandex has closed a deal to buy Uber’s stake in Yandex.Eda, Shop, Delivery and unmanned services, it is known from a press release. The total amount of the transaction was $1 billion.

  • The corporation gains 100% control over Yandex Self-Driving Group, Yandex.Edy, Yandex.Lavki and Yandex.Delivery. Under the agreement, the company also acquired a 4.5% stake in MLU BV Holland, which operates a taxi business under the Yandex.Taxi and Yango brands). Yandex now owns about 71% of the joint venture with Uber.

  • The corporation also plans to buy the remaining 29% in the Dutch company within two years. The value of the option is $1.8-2 billion.

  • Yandex and Uber will continue to jointly develop services for ordering taxis, car sharing and scooter rental within the Yandex.Taxi group of companies, the companies said.

  • Recall that information about the deal appeared in August 2021. In September, Yandex paid $ 800 million, and now – the remaining $ 200 million.

  • In October, Yandex reported an increase in revenue from the Taxi service. According to a press release, in the third quarter of 2021, MLU BV’s revenue grew 83% to 34 billion rubles.

  • Amid the news, the company’s share price on the NASDAQ premarket rose 1.49%.

Source: MarketWatch.

As a reminder, Ozone recently launched an express food delivery service. The new Ozon Express service will allow online retailers to compete with Yandex, as well as Sberbank and VK for the express delivery market of food products.

Read also: Yandex tells an audience of citizens which its bank will target.

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